Cash Buyer's closing costs in MD (sales, 2015, insurance)

[T2015]

If I buy regular, residential property in MD, Montgomery County, for $400K cash, what would my closing costs be as a buyer? Would it be 3% of the $400K sales price or less?

Thanks for any info in advance.

[bufflove]

Originally Posted by T2015

If I buy regular, residential property in MD, Montgomery County, for $400K cash, what would my closing costs be as a buyer? Would it be 3% of the $400K sales price or less?

Thanks for any info in advance.

1. You'll (presumably) elect to buy title insurance (~$1300)
2. title/escrow/doc prep/atty fee (~$600)
3. prepay 8 months of property taxes: https://www2.montgomerycountymd.gov/...x/Default.aspx
4. deed recordation fee (~$60)
5. MoCo recordation tax (traditionally split between buyer/seller, your half would be about $1300)
6. MoCo transfer tax (1%, traditionally split between buyer/seller, so .5%/$2K for you)
7. state transfer tax (.5% - unless you're a first time Maryland buyer, then it's .25% - so $1K or $2K)
8. your agent will likely charge you a flat brokerage fee of ~$350

I think that's everything, but you can ask MoCo HOC for an example settlement statement if you want to doublecheck.

[T2015]

Thanks! That was so detailed and informative. You're the BEST! Thank YOU!!!

[bufflove]

No problem. Best of luck in your search.